Weekly review
By Duncan Ferris
Date: Friday 01 Nov 2019
(Sharecast News) - London's FTSE 100 ended the week 22.05 points lower at 7,302.42.
Equity view
Ferrexpo on Monday said its chief executive, Kostyantin Zhevago, has temporarily stepped down due to allegations relating to Finance & Credit JSC, a businesses he owned until 2015.
French luxury group LVMH confirmed that it had held preliminary discussions about a possible acquisition of US jeweller Tiffany & Co.
Dutch online food delivery company Takeaway.com said that shareholder Delivery Hero must abstain from voting on its £4.9bn acquisition of Just Eat due to a conflict of interest.
BP on Tuesday reported a 41% fall in third-quarter net profit due to the impact of a divestment programme, lower oil prices, maintenance and extreme weather in the US Gulf of Mexico.
Hunting reported that challenging markets continued to be a feature of its industry, negatively impacting trading conditions and results in September, as it expected.
Online contracts-for-difference provider Plus500 reported a "strong improvement" in quarterly performance compared to the previous period, with good revenue growth and a strong increase in EBITDA.
GlaxoSmithKline shares advanced on Wednesday following the group's better-than-expected third quarter results and upwardly revised financial guidance for the year.
US communications and security products supplier Anixter International said it has agreed to be bought by private equity firm Clayton, Dubilier & Rice (CD&R) in an all-cash deal valued at around $3.8bn.
Deutsche Bank reported a bigger-than-expected third-quarter loss as it took a hit from restructuring costs.
Credit Suisse reported a 70% improvement in group pre-tax income in its third quarter results to CHF 1.1bn (£0.86bn), while group net income rose 108% year-on-year to CHF 881m.
Peugeot owner PSA Group and Fiat Chrysler have confirmed plans for a merger that would create the world's fourth-largest car maker.
Next posted a rise in third-quarter full price sales as the retailer backed its guidance for 2020 but said the improvement it saw in October is not expected to continue for the rest of the year.
Smith & Nephew upgraded its annual revenue growth guidance again on Thursday as it posted a rise in third-quarter revenue.
British Airways and Iberia owner International Airlines Group reported a drop in third-quarter profit after taking a knock from BA pilot strikes.
Housebuilder Crest Nicholson was under the cosh as it warned over full-year profits, pointing to a "volatile" sales environment in some of its regional businesses amid Brexit uncertainty.
Lloyds Banking Group reported a slump in third-quarter profits as it took a £1.8bn hit from payment protection insurance claims.
Metro Bank surged on Friday following a report that Lloyds Banking Group could be interested in making a bid for the challenger bank.
Google's parent company, Alphabet, has agreed to buy smartwatch maker Fitbit for $2.1bn in cash.
TP ICAP posted a jump in third-quarter revenues as it backed its guidance for the year.
Lookers shares crashed after the car dealership warned that annual profit was set to fall sharply - its second profit warning in less than four months - and announced the departure of its chief executive and chief operating officers.
Economic news
UK retailers' stock levels were at their highest level on record in October ahead of the Brexit deadline, according to the latest figures from the Confederation of British Industry.
The EU has agreed to extend the Brexit deadline to 31 January 2020.
The UK's gender pay gap for full-time employees has widened in favour of men during 2019, according to data released on Tuesday by the Office for National Statistics.
The Labour party said on Tuesday that it will back an early general election in December.
House price growth in the UK remained subdued in October as Brexit uncertainty continued to take its toll, according to the latest survey from Nationwide.
The Brexit deal secured by UK Prime Minister Boris Johnson would leave the country £70bn worse off than if it remained in the European Union, according to a report released on Wednesday.
UK car production dropped by 3. 8% in September due to lower demand both at home and abroad, according to data released on Thursday by the Society of Motor Manufacturers and Traders (SMMT).
Consumer confidence in the UK deteriorated a touch more than expected in October amid continued Brexit uncertainty, according to the latest survey from GfK.
UK Chancellor Sajid Javid on Friday delayed the appointment of a new Bank of England governor until after the 12 December general election.
The decline in UK manufacturing activity slowed in October amid a rush to stockpile ahead of the Brexit deadline, according to survey released on Friday, but the sector remained on course for a recession.
International events
US President Donald Trump signalled on Monday that a phase one trade deal with China was close.
America's shortfall in trade with the rest of the world shrank unexpectedly last month and was at its narrowest since June 2018, but only because of a large drop in purchases from overseas.
US pending home sales rose more than expected in September, according to data released by the National Association of Realtors on Tuesday.
Economic growth in the US slowed further last quarter amid a sharp slowdown in firms' investment on equipment which some economists said pointed towards a further slowdown in the months ahead.
Private sector employment in the US rose more than expected in October, according to figures released on Wednesday by ADP.
Hong Kong's economy has fallen into recession amid US-China trade uncertainty and months of protests that have resulted in shop closures, public transport interference and a drop in tourism.
A closely-followed survey of manufacturing sector conditions in the Chicago area pointed to a further worsening in October, as levels of new orders and order backlogs shrank.
Chinese officials reportedly have doubts about reaching a comprehensive trade deal with the US.
The eurozone economy grew a little more than expected in the third quarter, while the unemployment rate was steady in September, according to figures released by Eurostat on Thursday.
Activity in China's manufacturing sector expanded at its fastest pace in nearly three years in October, according to a private survey released on Friday.
The US economy added more jobs than expected in October, according to data released by the Labor Department on Friday.
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